India Mahanagar Gas gains on Citi's upbeat FY26 outlook

Mahanagar Gas

25/06/2025 10:46

** India's Mahanagar Gas MGAS.NS rises 2.3% to 1,444.40 rupees

** Citi says MGAS's forecast of over 10% volume growth over the next 2-3 years is "healthy"

** Brokerage expects MGAS's margins to recover, led by a decline in oil prices below $70, due to the linkage between gas costs and oil prices

** Adds, Q1 results could "set the tone" for the rest of FY26

** Moreover, any government initiatives to replace petrol or diesel with clean fuel will also be a positive

** Avg rating on MGAS at "buy", median PT at 1,588 rupees - data compiled by LSEG

** Stock extends YTD gains to 12.5%

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))